Chicago Relocation

Happy Presidents Day!

February 16, 2009

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It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat. – Theodore Roosevelt


The US Senate approves the Economic Stimulus!

February 11, 2009

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At times like these I think of the great lyricist Pete Townshend –

I’ll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play….just like yesterday…

Democrats are excited: “Every generation must face up to its own challenge. This economic emergency is ours,” said Senate Finance Committee Chairman Max Baucus, D-Mont. “Let us pass this bill and rise to the economic challenge of our generation.”

This may certainly mean more action for people moving to Chicago Read the Article here!


High hopes for the $15,000 bonus for home buyers

February 7, 2009

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The U.S. Senate has high hopes about the $15,000 bonus for home buyers.  This means good things for people moving to Chicago or looking for Chicago real estate.

The key differences between this and the $7500 tax CREDIT, (besides my blatant use of capitals in the word “credit”) are HUGE. The Senate aproved this proposal, unanimously, on Wednesday.  “It is time to fix housing first,” said Sen. Johnny Isakson, R-G. I asked Lane Sears of RWF Mortgage for his thoughts.  Per Lane, here are some of the basics:

  1. The tax credit is the lesser of 10% of the home price or $15,000 and can be spread equally over 2 tax years.
  2. The housing tax credit can be used for purchases of primary residences only…no investment properties or second homes.
  3. The home purchase can be an existing home, a newly constructed home, or a bank foreclosure home…but the purchase must be completed within 1 year of the passage of the American Recovery and Reinvestment Tax Act of 2009.
  4. The home buyer does NOT have to be a “first time home buyer” to qualify for this housing tax credit, unlike housing stimulus based tax credits from last year.
  5. This 2009 housing tax credit does NOT have to be repaid to the government unlike the $7,500 first time home buyer tax credit

from last year UNLESS you cease to make it your primary residence within the first 24 months (i.e.. sell within 2 years). In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill.

This week, president Obama weighed in on the economy in a Washington Post Op-Ed: “This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse,” The article was entitled “The Action Americans Need.”

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